G20 members to push for World Bank, IMF Reform

 

    

China says several rounds of financial and monetary policy consultations this year ahead of the upcoming G20 summit have generated many results.

Finance Minister, Lou Jiwei said on Sunday it was a milestone as financial and central bank officials from G20 members decided nine prioritized areas and 48 guiding principles for structural reforms.

The policy makers for the first time proposed using monetary, financial and structural reform measures to boost growth and stabilize outlook.

They also agreed to push reforms of the World Bank and the International Monetary Fund.

Jiwei said the policy makers also pledged to avoid competitive devaluation of currencies and oppose any form of protectionism so as to facilitate global economic recovery.